Block's New Bitcoin Mining Chip to Be Part of an Ongoing Project With Core Scientific to Decentralize Mining Hardware
- Bitcoin mining leader Core Scientific becomes the first to procure Block's new ASIC technology for large-scale mining operations, built by the Proto team which leads the mining initiative and the self-custody wallet, Bitkey.
- Joint project further underscores Proto's commitment to fostering innovation and decentralization in the bitcoin mining ecosystem.
Block, Inc. (NYSE:SQ), a global technology company with a focus on financial services, and Core Scientific (NASDAQ:CORZ), one of the largest owners and operators of high-powered digital infrastructure for bitcoin mining and hosting services in North America, today announced an agreement to supply Core Scientific with Block's new 3 nanometer (3nm) mining ASICs, built by the Proto team, representing approximately 15 EH/s (exahashes per second) of hashrate. The agreement provides the option for additional, significant volume and is one of the industry's largest bitcoin mining ASIC agreements announced, in terms of hashrate.
In support of its mission to democratize bitcoin mining, the Proto team at Block is developing a modular mining platform around its ASIC mining chip to deliver an innovative, integrated bitcoin mining solution that offers several advantages over existing mining system designs, resulting in improved efficiency, reliability, and uptime in large-scale mining operations. It's designed to simplify infrastructure demands and optimize the use of space and operational resources within data centers such as those operated by Core Scientific and also prioritizes sustainability and compatibility by integrating with existing infrastructure and promoting the reuse of non-ASIC elements of the hardware stack.
"This agreement is a good example of how we envision our mining products pushing forward the advancement and decentralization of the mining industry," explains Thomas Templeton, Lead of the Proto team at Block. "Core Scientific is known for its high standards of operational excellence, advanced infrastructure, and deep expertise in mining. We are excited to break new ground by teaming with a leading mining operator to build a unique, tailor-made mining solution leveraging our ASICs."
"We have worked closely with the team at Block to develop the next generation of mining technology that not only helps support our significant hashrate growth plans within our existing infrastructure, but also provides all mining companies with more miner options," said Russell Cann, Core Scientific Chief Development Officer. "Together, Block and Core Scientific are working to define a new paradigm for scaled bitcoin mining, one designed to deliver important operational benefits while contributing to the longevity and vitality of the Bitcoin Network."
With input from Core Scientific, the Proto team co-designed a modular platform alongside ePIC Blockchain Technologies.
"By integrating Block's cutting-edge ASIC chips with an eye toward integration into Core Scientific's advanced infrastructure, we are set to deliver a modular mining platform that redefines expectations for efficiency and reliability in large-scale operations. This collaboration embodies our commitment to integrating and reusing existing infrastructure while pushing the envelope of what's possible," said Earl Mai, CTO of ePIC Blockchain Technologies.
Democratizing bitcoin mining: one step forward
The primary purpose of Proto's mining initiative is to increase the decentralization, transparency, and resiliency of the bitcoin network. This is accomplished through building mining chips, systems, and software solutions, including the Mining Development Kit (MDK), currently in beta, in an open and transparent manner in partnership with the mining community.
The agreement with Core Scientific represents a significant step forward for Proto's mining chip program and its goal of decentralizing mining by enabling third parties to build tailored solutions using Proto's mining chips. This strategy further underscores Block's long-term commitment to the bitcoin mining industry by making mining ASICs available to customers large and small over time.
Templeton added, "By adopting this approach, we aim to foster innovation and significantly expand the bitcoin mining hardware ecosystem. We are excited to see more projects of different types and sizes become possible with access to our vertically integrated hardware systems and mining chips, especially those that bring more innovation to the space." The company aims to continue to enable other market players, big and small, to foster innovation and decentralization in the ecosystem.
About Block
Block, Inc. (NYSE:SQ) (formerly, Square, Inc.) is a global technology company with a focus on financial services. Made up of Square, Cash App, TIDAL, and TBD, we build tools to help more people access the economy. Square makes commerce and financial services easy and accessible for sellers with its integrated ecosystem of technology solutions. With Cash App, anyone can easily send, spend, or invest their money in stocks or bitcoin. Afterpay brings Square and Cash App together, connecting consumers and businesses. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans. TBD is building an open source platform and developer infrastructure that enables everyone to access and participate in the global economy.
About the Proto team at Block Inc.
Proto's mission is to accelerate the transition to a more open, equitable global economy. We believe open protocols like Bitcoin are integral to achieving that vision. The team's first two initiatives - mining tools and a self-custody wallet, Bitkey - aim to decentralize access for builders, increase network resiliency, and make everyday use of bitcoin safe and easy.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240710013324/en/